8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) September 11, 2007

ZIONS BANCORPORATION

(Exact name of registrant as specified in its charter)

UTAH	001-12307	87-0227400
(State of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

One South Main, Suite 1500, Salt Lake City, Utah	84111
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code 801-524-4787

N/A

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13a-4(c))

Item 7.01 Regulation FD Disclosure

Attached is a copy of the presentation which will be used by Harris H. Simmons, chairman and chief executive officer, at the Lehman Brothers 2007 Financial Conference on September 11 and 12, 2007.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits.

The following exhibit is furnished as part of this Current Report on Form 8-K:

Exhibit 99.1    Lehman Brothers Presentation dated September 12, 2007

S I G N A T U R E S

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

ZIONS BANCORPORATION
By:	/s/ THOMAS E. LAURSEN
Name:	Thomas E. Laursen
Title:	Executive Vice President and General Counsel

September 11, 2007

EX-99.1

Lehman Brothers

Financial Services Conference

12 September 2007 

New York City

Exhibit 99.1

Forward-Looking Statements

This presentation contains statements regarding the projected performance of

Zions Bancorporation.  These statements constitute forward-looking information

within the meaning of the Private Securities Litigation Reform Act.  Actual

results or achievements may differ materially from the projections provided in

this presentation since such projections involve significant known and unknown

risks and uncertainties.  Factors that might cause such differences include, but

are not limited to: competitive pressures among financial institutions increasing

significantly;

economic

conditions,

either

nationally

or

locally

in

areas

in

which

Zions Bancorporation conducts their operations, being less favorable than

expected; changes in the interest rate environment reducing expected interest

margins; legislation or regulatory changes, which adversely affect the ability of

the company to conduct the business in which the company would be engaged;

delays in adoption of digital certificates for online services. Zions

Bancorporation disclaims any obligation to update any such factors or to

publicly announce the result of any revisions to any of the forward-looking

statements included herein to reflect future events or developments.

Today’s Agenda

Outlook Summary

Lockhart Funding

Net Interest Margin

Credit

Mid-Quarter Update

Overview

The Intermountain West’s

Largest Banking Company

Over 500 Offices and 600 ATMs in 10

Western States

NASDAQ Financial 100 Index

S&P 500 Index

Total Assets of $49 Billion

Our Growth Engine

Population Growth Estimates from US Census

(2000-2030)

114%

108%

60%

56%

52%

51%

46%

41%

37%

35%

29%

0%

20%

40%

60%

80%

100%

120%

NV

AZ

TX

UT

ID

ZION

WA

OR

CA

CO

US

Growing 75%

faster than the

national average

Our Growth Engine

Projected Population Growth 2006-2011

#1 Ranking Among 40 Largest Banks

Source: Lehman Brothers

14.2%

12.5%

11.2%

11.0%

10.0%

10.0%

8.1%

7.8%

7.2%

3.8%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

A Collection of Great Banks

Headquarters

Offices

ATMs

Assets

Deposits

Salt Lake City

133

166

$15.1B

$10.8B

San Diego

91

103

$10.3B

$8.2B

Houston

80

129

$10.0B

$6.9B

Phoenix

88

73

$5.4B

$4.3B

Las Vegas

73

80

$3.9B

$3.4B

Denver

40

47

$2.4B

$1.7B

Seattle

1

0

$0.8B

$0.5B

Portland

1

0

$0.03B

$0.01B

1Q 2007 Average Balances

Long-Term Growth

Source: SNL

Net Income (millions)

$583

$0

$100

$200

$300

$400

$500

$600

$700

Total Assets (millions)

$46,970

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

$40,000

$45,000

$50,000

Per Share Growth

Source: SNL

Revenue per Share (diluted)

$21.44

$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

Earnings Per Share (diluted)

$5.36

$0.00

$1.00

$2.00

$3.00

$4.00

$5.00

$6.00

Today’s Agenda

Outlook Summary

Lockhart Funding

Net Interest Margin

Credit

Mid-Quarter Update

Overview

Loan Portfolio Diversification

Loans by Purpose –

6/30/2007

C&I

25%

Owner Occ

19%

CRE Term

14%

Consumer 1-4

Family

11%

Other Consumer

7%

Residential

Construction

12%

Comm

Construction

12%

C&I

46%

Consumer

18%

CRE

36%

Strong Asset Quality

•

Direct exposure to subprime

& Alt-A

mortgages.……………………………………

$0

•

Securities backed by subprime

mortgages……….……………………………

$0

•

HECL………………………………..…….

$1.9B

–

Avg

FICO at origination

752

–

Avg

FICO today

757

–

Avg

LTV at origination

60.6%

On-Balance Sheet Amounts of Selected Asset Classes

Diversified CRE Portfolio

Loans by Product Type and Location –

6/30/07

Average LTV: 59.5%

(6/30/2007)

Collateral Location

Arizona

Northern

California

Southern

California

Nevada

Colorado

Texas

Utah/ Idaho

Washington/

Oregon

Other

Total

Product as % Product as %

Loan Type

Total CRE

Commercial Term

Industrial

0.62%

0.35%

1.41%

0.03%

0.06%

0.25%

0.08%

0.16%

0.26%

3.23%

7.9%

3.2%

Office

0.84%

0.62%

1.85%

1.53%

1.12%

1.88%

1.44%

0.27%

1.70%

11.26%

27.7%

11.3%

Retail

0.59%

0.55%

1.51%

1.37%

0.21%

0.90%

0.27%

0.14%

0.20%

5.73%

14.1%

5.7%

Hotel/Motel

0.93%

0.41%

0.71%

0.64%

0.60%

0.46%

0.98%

0.15%

2.46%

7.33%

18.0%

7.3%

A&D

0.00%

0.03%

0.14%

0.02%

0.00%

0.00%

0.00%

0.05%

0.00%

0.24%

0.6%

0.2%

Medical

0.02%

0.11%

0.25%

0.16%

0.02%

0.08%

0.11%

0.01%

0.03%

0.79%

1.9%

0.8%

Recreation/Restaurant

0.12%

0.04%

0.26%

0.10%

0.12%

0.10%

0.07%

0.01%

0.25%

1.08%

2.6%

1.1%

Multifamily

0.19%

0.40%

1.15%

0.36%

0.00%

0.74%

0.50%

0.04%

0.35%

3.94%

9.7%

3.9%

Other

0.99%

0.19%

1.54%

0.64%

0.44%

0.21%

1.86%

0.06%

1.20%

7.13%

17.5%

7.1%

Total Commercial Term

4.30%

2.70%

8.82%

4.86%

2.58%

4.62%

5.31%

0.87%

6.44%

40.72%

100.0%

40.7%

Residential Construction

Single Family Housing

4.02%

1.07%

3.50%

0.71%

0.83%

2.29%

2.14%

0.01%

0.36%

14.92%

25.2%

14.9%

Land Acquisition & Development

4.65%

0.80%

2.42%

1.86%

0.68%

3.90%

2.78%

0.20%

1.70%

18.99%

32.0%

19.0%

Total Residential Construction

8.66%

1.87%

5.92%

2.57%

1.51%

6.19%

4.91%

0.21%

2.06%

33.91%

57.2%

33.9%

Commercial Construction

Industrial

0.35%

0.00%

0.20%

0.04%

0.09%

0.70%

0.07%

0.04%

0.14%

1.62%

2.7%

1.6%

Office

0.52%

0.02%

0.41%

0.65%

0.04%

0.35%

0.33%

0.14%

0.22%

2.70%

4.5%

2.7%

Retail

0.65%

0.00%

0.41%

1.35%

0.19%

2.35%

0.57%

0.07%

0.90%

6.48%

10.9%

6.5%

Hotel/Motel

0.19%

0.02%

0.09%

0.00%

0.07%

0.02%

0.20%

0.00%

0.15%

0.74%

1.2%

0.7%

A&D

1.44%

0.24%

0.44%

2.25%

0.26%

1.65%

0.58%

0.10%

0.58%

7.54%

12.7%

7.5%

Medical

0.12%

0.00%

0.05%

0.06%

0.01%

0.33%

0.22%

0.00%

0.09%

0.87%

1.5%

0.9%

Recreation/Restaurant

0.03%

0.00%

0.01%

0.01%

0.00%

0.00%

0.00%

0.00%

0.00%

0.06%

0.1%

0.1%

Other

0.17%

0.00%

0.27%

0.09%

0.05%

0.04%

0.10%

0.08%

0.30%

1.09%

1.8%

1.1%

Apartments

0.43%

0.29%

0.69%

0.14%

0.27%

1.58%

0.24%

0.28%

0.36%

4.29%

7.2%

4.3%

Total Commercial Construction

3.90%

0.56%

2.56%

4.59%

0.97%

7.02%

2.30%

0.71%

2.75%

25.37%

42.8%

25.4%

TOTAL CONSTRUCTION

12.57%

2.43%

8.48%

7.16%

2.48%

13.20%

7.22%

0.93%

4.81%

59.28%

100.0%

59.3%

TOTAL CRE

16.86%

5.13%

17.30%

12.02%

5.06%

17.83%

12.52%

1.80%

11.25%

100.00%

CRE Loan-to-Value Ratios

By Product Type and Location

6/30/07

Appraisals as of loan origination, or renewal (in a

declining market), or upon adverse classification

Collateral Location

Amegy Bank of

Texas

(ABT)

California Bank

& Trust

(CB&T)

Commerce Bank

of Oregon

(CBO)

Commerce Bank

of Washington

(CBW)

National Bank of

Arizona

(NBA)

Nevada State

Bank

(NSB)

Vectra Bank of

Colorado

(VBC)

Zions Bank

(ZFNB)

Zions

Bancorporation

Commercial Term

Hotel/Entertainment/Golf Course

61.7%

49.2%

75.0%

55.0%

51.3%

56.0%

52.8%

53.0%

Industrial

74.2%

54.1%

59.9%

55.5%

60.8%

69.1%

62.9%

57.3%

Medical

66.0%

54.5%

51.0%

54.4%

54.5%

Multi-family

66.8%

64.9%

65.0%

58.8%

68.8%

45.7%

64.1%

64.5%

Office

61.1%

62.2%

70.3%

65.0%

62.8%

59.3%

61.8%

61.9%

Other

43.6%

53.5%

51.2%

51.6%

50.7%

59.9%

53.3%

52.8%

Retail

73.0%

54.1%

69.0%

63.7%

56.1%

67.1%

68.0%

37.5%

60.9%

Total Commercial Term

65.7%

57.0%

69.0%

62.8%

55.9%

61.2%

58.7%

55.4%

58.2%

Residential Construction

Land Acquisition & Development

55.5%

57.2%

65.0%

71.9%

47.6%

77.1%

72.0%

55.3%

55.8%

Finished Lots

50.4%

61.4%

36.3%

55.5%

50.5%

50.1%

RLOC / Borrowing Base Certificate

55.6%

53.1%

50.0%

69.3%

55.9%

Single Family Housing/Condominium

64.2%

65.0%

80.0%

63.5%

71.4%

65.4%

68.5%

65.3%

Total Residential Construction

56.1%

59.1%

65.0%

73.7%

55.9%

63.6%

60.7%

60.2%

58.6%

Commercial Construction

Land Acquisition & Development

57.5%

53.3%

73.9%

48.1%

58.4%

62.9%

61.5%

57.4%

Hotel/Entertainment/Golf Course

49.5%

63.9%

75.3%

58.1%

67.0%

63.7%

Industrial

60.1%

68.6%

59.8%

71.1%

70.8%

62.8%

Medical

61.5%

55.9%

64.8%

75.0%

81.8%

65.9%

Multi-family

50.6%

61.6%

74.6%

58.5%

67.1%

74.3%

72.3%

62.3%

Office

70.0%

63.4%

63.4%

71.6%

66.0%

67.1%

66.8%

Other

25.0%

65.6%

73.0%

61.0%

72.5%

64.8%

81.6%

63.7%

66.3%

Retail

58.5%

65.1%

59.0%

60.0%

56.1%

57.8%

67.0%

60.6%

Total Commercial Construction

57.5%

63.0%

73.0%

70.4%

58.6%

60.9%

67.5%

67.6%

61.4%

Total Construction

57.0%

60.5%

71.4%

71.1%

56.8%

61.8%

64.5%

64.1%

60.0%

Total CRE

58.2%

59.4%

70.7%

65.7%

56.6%

61.6%

62.2%

60.9%

59.5%

Note:

Peer

group

defined

as

bank

holding

companies

with

assets

>

$10

billion.

Peer data source: FFIEC

Strong Asset Quality

Relative to Peers

Non-Performing Assets as % of Total Assets

0.20%

0.37%

0.00%

0.10%

0.20%

0.30%

0.40%

0.50%

0.60%

0.70%

ZIONS

Peers

Strong Asset Quality

Relative to Peers

Source:  SNL --

Peer group is defined as U.S. bank holding companies

with assets > $10 billion.

0.10%

0.33%

0.00%

0.10%

0.20%

0.30%

0.40%

0.50%

0.60%

0.70%

0.80%

Zions

Peers

NCOs as % of Average Total Loans (Annualized)

Credit Quality

Outlook

•

Evidence of continued weakening in

residential construction activity and land

values in the Southwest

•

Expect increase from historically low levels of

NPAs

and NCOs

•

Provision increases driven by softening of

residential real estate development

Loan Growth

Outlook

•

Slow in CA, AZ, NV

•

Relatively strong in Texas and

Intermountain West

•

Concentrated in C&I rather than CRE

•

Opportunities for balance sheet lenders

On Balance Sheet Investment

Securities

Available for Sale –

6-30-07 (in Billions)

.19

Residuals (from ZFNB securitizations)

$4.43

.25

Municipal Securities

.82

FNMA / FHLMC / GNMA*

.25

REIT Trust Preferred–

Inv. Grade

.41

Insurance Trust Preferred –

Inv. Grade

1.05

Bank Trust Preferred –

Inv. Grade

$1.46

Treasuries & Agencies Purchased

* Securitized loans originated by Zions

Today’s Agenda

Outlook Summary

Lockhart Funding

Net Interest Margin

Credit

Mid-Quarter Update

Overview

A High Net Interest Margin

2Q 2007 NIM for Selected Banks

4.89

4.53

4.05

3.76

3.67

3.56

3.46

3.44

3.27

3.22

3.17

2.79

2.59

2.35

0.0

1.0

2.0

3.0

4.0

5.0

6.0

Source: SNL As Reported NIM for selected banks ($5-$20 Billion Market Cap or

Large Presence in the West)

4.53%

5.32%

3.39%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

7.00%

ZION NIM

Libor

Top 50 Bank NIM Avg

Zions NIM vs. 30-Day LIBOR

A Stable Net Interest Margin

in a Volatile Environment

Source: SNL As Reported NIM (Top 50 Banks by Assets)

LIBOR is Quarter Average

NIM Outlook

•

Positives

–

Loan growth relatively strong

–

Higher spread between LIBOR and Fed Funds

–

Better loan pricing

•

Pressures

–

Weak core deposit growth

–

Some adverse shifting of deposit mix

Today’s Agenda

Outlook Summary

Lockhart Funding

Net Interest Margin

Credit

Mid-Quarter Update

Overview

Lockhart Funding

Structure

•

Off-balance sheet QSPE sponsored by Zions

First National Bank

•

Created in 2000 to enable securitization of

SBA 504 and similar loans

•

Assets: agencies and AAA-rated floating rate

securities

Lockhart Funding

Structure (cont)

•

Funding: P1 / F1 commercial paper

•

Multiple CP Dealers

–

Zions

–

Lehman Brothers

–

Goldman Sachs

•

Liquidity Agreement: 100% back-up liquidity

provided by Zions Bank

Lockhart Funding

Summary of Assets

$3.44B

Total

$0.27B

Other AAA rated, structured**

$0.23B

Other AAA rated, insured

$0.32B

US gov’t

and agencies

$1.29B

AAA rated, MBIA insured

(small business

loans originated by Zions)*

$1.33B

AAA rated bank trust preferred pools

*Subordinated tranches

held by Zions on balance sheet

**One security rated Aa1 ($5.1 million)

Lockhart Funding

Assets

•

AAA rated, structured includes:

–

$105

million

of

predominantly

MBS

•

$32 million of  subprime

exposure (originally

purchased in 2001-2004)

•

$15 million of home equity loan exposure

–

$81 million of REIT trust preferred

Lockhart Funding

Liquidity Agreement

•

Provided by Zions Bank

•

Maximum of 100% of Lockhart assets

($3.44B)

•

Zions Bank buys assets from Lockhart if:

–

Security downgraded below AA-

–

Lockhart is unable to issue CP

Lockhart Funding

Impact if Brought On Balance Sheet

•

Funding/Liquidity

–

Zions has $7B of borrowing capacity at FHLB

–

Assets pledgeable at Fed Discount Window

•

Capital (excluding impact of mark-to-market)

–

GAAP capital ratios reduced about 45bps

–

Risk Based Capital ratios reduced about 15-25 bps

–

Share buybacks slowed to $90 million in 3Q

•

Mark-to-Market

–

Mark-to-Model?

–

Impact recovered over time

Lockhart Funding

Summary

•

Seasoned program with high quality assets

•

CP rated P1 / F1

•

ABCP market remains very risk averse

•

Zions affiliate banks have purchased some

Lockhart CP on some days

•

Liquidity facility has not been triggered

Today’s Agenda

Outlook Summary

Lockhart Funding

Net Interest Margin

Credit

Mid-Quarter Update

Overview

Earnings Drivers

Stock Buybacks

Efficiency Ratio

Net Interest Margin

Credit Costs

Low-Cost Deposit Growth

Loan Growth

2007-2008

Lehman Brothers

New York City

12 September 2007